| Deal Overview |
| Buyer:
Evolve Financial Group, Inc. (Click for buyer financial information)
|
| Target:
Parkin Bancorp, Inc. (Click for target financial information) |
| Deal Type:
Bank & Thrift Company |
| Announcement Date |
2/25/05 |
|
Announced Deal Value ($M) |
3.0 |
| Status |
Completed |
|
Announced Deal Value Per Share ($) |
NA
|
| Completion Date |
8/2/05 |
|
|
|
| |
| Evolve Financial Group has agreed to acquire Parkin, AR-based Parkin Bancorp Inc. and its unit First State Bank. With the acquisition, Evolve will become a bank holding company. Parkin is currently ranked No. 3 in Cross County, AR with a 4.9% share of about $288.6 million in deposits. Parkin also operates in Crittenden County, AR, where it's ranked No. 6 with a 0.8% share of about $430.5 million in deposits. Ratios are based on Dec. 31, 2004 small parent equity of $561,000 and LTM net income of $24,000. Seller's financials are for First State Bank.
|
|
Deal Pricing Ratios |
| Price / Book (%) |
529.06 |
529.06 |
| Price / Tangible Book (%) |
529.06 |
529.06 |
| Price / LTM EPS (x) |
NM |
NM |
| Price / Deposits (%) |
16.64 |
16.97 |
| Price / Assets (%) |
13.24 |
13.49 |
| Tang Book Premium / Core Deposits (%) |
17.85 |
18.31 |
|
|
Deal Terms
|
Description
of Consideration
Evolve paid two times the tier 1 capital of First State Bank less Parkin's indebtedness in cash. As of Jan. 31, First State Bank's tier 1 capital equaled about $2,401,126 and Parkin had about $1,834,333 in debt.
|
| Accounting Method |
NA |
|
Lockup Agreement |
No |
| In-State Transaction? |
No |
|
Strike Price ($) |
NA |
| Merger
of Equals? |
No |
|
% of Shares Outstanding |
NA |
| Geographic
Expansion? |
Market Expansion |
|
Shares Under Option |
NA |
| Goodwill Generated ($000) |
NA |
|
Core Deposit Intangibles ($000) |
NA |
| Estimated
Cost Savings (%) |
NA |
|
Est. Restructuring Charges ($000) |
NA |
| Termination Fee ($000) |
NA |
|
| |
|
|
|
|
| Cash ($M) |
|
3.0 |
| Common Stock ($M) |
|
0 |
| Common Shares Issued |
|
0 |
| Preferred Stock ($M) |
|
0 |
| Preferred Shares Issued |
|
0 |
| Debt ($M) |
|
0 |
| Other ($M) |
|
0 |
|
Deal Advisers
| Financial Advisers |
| Buyer |
NA |
NA |
| |
| Seller |
Yes |
DD&F Consulting Group |
| Legal
Counsel |
| Buyer |
Yes |
Butler Snow LLP
Wyatt Tarrant & Combs |
| |
| Seller |
Yes |
Baker Donelson Bearman
McAfee & Taft |
|
|
